Reducing car theft with XYO Network

eyox (50)in #cryptocurrency • 7 years ago (edited)

After years of decline of car thefts, they have recently surged in the past few years. One of the main reasons being keyless technology which were once used in expensive high-end vehicles. Now the mainstream family cars have keyless technology increasing the probability of thieves exploiting the technology to steal vehicles. Thieves use cheap devices to spoof location of the keyless device into thinking its key is nearby. This is a new silent way of stealing cars play manufacturers I'm trying to combat thefts by tweaking the keyless technology. Almost 85,000 cars have been stolen and England and Wales last year (https://www.manchestereveningnews.co.uk/news/greater-manchester-news/keyless-car-relay-theft-advice-14496158), with two-thirds being cars with keyless technology.

How can this be stopped? Is it just a case of switching back to manual unlocking cars with keys? That's one option but there is another with blockchain technology.

Blockchain technology features include decentralisation and immutable data. The principle of immutable data can be used to check whether the vehicle which has been reported as lost or stolen is falsely claimed or not. When a car is stolen, the location can be tracked and verified. Blockchain can log the entire history of the car allowing it to be traceable and immutable. This not only protects the vehicle owner but thieves who falsely report claims by changing data belonging to the vehicle. Data can include an identification number, engine/body number and ownership details.

Xyo network aims to use this practical application by implementing a network device which serves as a sentinel and a Bridge. Sentinels record data such as the temperature of the car, the mileage and the speed of the vehicle. Once this data is collected in the Sentinel, bridges use this data to create a decentralized ledger. This is where the data can be used to execute a contract on the Ethereum blockchain. The nodes in the blockchain which report accurate data will be rewarded with xyo tokens providing an incentive to grow the xyo network. This process can be taken a further step with diviners. Diviners generate answers to queries such as "Where is my car" or "What is the mileage of my vehicle". These diviners can also be used by crime scene investigators who want to find the location of the car for clues or recover any stolen goods. Having the certainty of the accuracy of the data gives the crime scene investigators the confidence to not challenge the data provided.

XY, the company behind XYO network, are already working with an insurer covering high value and mobility goods. Hiscox is an example of an insurer who specialise in insurance of high-value vehicles. A partnership with Hiscox would be fruitful for both XYO Network and Hiscox. XY can sell their product to thousands of customers increasing the exposure of XYO Network and helping competitive insurers to opt for XYO Network. At the same time, Hiscox can provide an innovative motor insurance product utilising blockchain technology attracting more customers. The potential for partnerships with insurers makes XYO Network a great ICO to invest on.

Final Thoughts

Hence, the potential of xyo network does not end there. While we have said insurers can partner with xyo network, police can too. Developing countries like Kenya can also use this blockchain technology to reduce theft of vehicles which are unlocked using a key or wires. Xyo network also works offline with information on any vehicle available without an internet connection. This makes is plausible even in developing countries, where internet connection is scarce. Xyo network has an excellent vision with a working product and great potential to improve the security of vehicles. Check out their website and whitepaper for more information.